AI company Databricks completes $10 billion J-round financing with a valuation of $62 billion

2024-12-18 08:07:52

Techub News, according to Bloomberg, big data and artificial intelligence company Databricks announced that it has completed a Series J financing round with a valuation of $62 billion, with Thrive Capital leading the round and participation from Andreessen Horowitz, DST Global, GIC Pte Ltd., Insight Partners, WCM Investment Management, Lightspeed Venture Partners, etc. This financing round will be used to invest in new AI products, acquisitions, and significantly expand its international market business. It will also be used to buy back shares from current and former employees, as well as to pay taxes related to employee stock sales.

Software developed by Databricks can acquire, analyze, and build AI applications from various sources. The company’s main competitors are generally considered to be services provided by cloud infrastructure providers such as Snowflake Inc. and Microsoft Fabric.

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